Select Page
2022 – PAKISTAN Economics

2022 – PAKISTAN Economics

by | Jan 6, 2022 | Currency, Economy, FBR, PKR, Safe Investment, USD to PKR

The Pakistan Bureau of Statistics (PBS) on Wednesday released data which showed that the trade deficit widened to $25.5 billion in the first six months (July-December) of current fiscal year due to a significant surge in imports that outpaced the increase in exports. The deficit was $13.2 billion (or 106%) higher than the comparative period of previous fiscal year, it added. The annual trade deficit target of $28.4 billion has become irrelevant due to higher imports.

Imports during the first half increased two-thirds to nearly $40.6 billion. In absolute terms, the imports grew $16.1 billion, according to the PBS.

The central bank has introduced a cash margin requirement (CMR) for more imported goods besides curtailing consumer financing to ease the import pressure. However, these measures have failed to contain imports that have risen to a new peak.

PBS said that exports of goods remained at $2.7 billion in December, higher by 16% (or $374 million) over the same month of previous year. The trade deficit widened 85% year-on-year to $4.9 billion in December 2021.

The central bank’s foreign currency reserves are constantly on the decline and dipped further to $17.9 billion, as the impact of a $3 billion Saudi Arabian loan is being diluted.

The State Bank of Pakistan on Wednesday further amended foreign exchange regulations requiring exporters to bring export proceeds.

Amnesty: FBR Ending on 25 Sep 2021

Amnesty: FBR Ending on 25 Sep 2021

by | Sep 11, 2021 | Announcements, Corporate Briefings, Economy, FBR, TAX

The relief will benefit approximately 12,300 individuals who have already deposited Rs2.6 billion in taxes to the FBR on their declared assets in the year 2019. The total amount that was legalised has not been disclosed. The FBR system has been enabled for this purpose and all taxpayers can now file their declarations between Sept 10 and 25.

As many as 2,125 projects worth Rs350bn have been registered with the FBR’s online system by 1,321 persons. Out of these, 1,775 are new projects and 350 existing ones.

The builders and developers are required to get their projects registered on FBR’s computer-based IRIS software on or before June 30 this year and the projects should be completed before Sept 30, 2023.

The salient features of the package include fixed tax for builders and developers, immunity from probe and concessions from withholding of taxes. The FBR has provided all the required facilities to the beneficiaries of the package which include the establishment of a dedicated web page, dedicated email to address inquiries and an online step-by-step guide for the builders and developers.